PJN Properties Limited - Accounts to registrar (filleted)

PJN PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

8

DIRECTORS:

A L Neill

S L Neill

S C Mariner

SECRETARY:

S L Neill

REGISTERED OFFICE:

11 Richmond Park Road

East Sheen

London

SW14 8JU

REGISTERED NUMBER:

05523941 (England and Wales)

ACCOUNTANTS:

HW Bedford Limited

Trading as Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Tangible assets

4

96,241

151,236

Investment property

5

16,500,000

16,596,241

16,651,236

CURRENT ASSETS

Stocks

6

129,292

138,077

Debtors

7

361,747

417,139

Cash at bank

112,144

88,967

603,183

644,183

CREDITORS

Amounts falling due within one year

8

587,284

863,466

NET CURRENT ASSETS/(LIABILITIES)

15,899

(219,283

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

16,612,140

16,431,953

CREDITORS

Amounts falling due after more than one
year

9

(1,925,000

)

(1,940,000

)

PROVISIONS FOR LIABILITIES

(1,728,024

)

(1,692,407

)

NET ASSETS

12,959,116

12,799,546

CAPITAL AND RESERVES

Called up share capital

101

Fair value reserve

11

7,602,486

7,585,050

Retained earnings

5,356,529

5,214,395

SHAREHOLDERS' FUNDS

12,959,116

12,799,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st July 2026 and were signed on its behalf by:

A L Neill - Director

S L Neill - Director

1.	STATUTORY INFORMATION

PJN Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents rents and service recharges received from tenants of properties, stated net of value added tax.

Income received that relates to a period after the year end is treated as deferred income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

5% on cost

Investment property

Investment properties are revalued annually by the directors. Surpluses or deficits on individual properties are transfered to the investment revaluation reserve, unless a deficit is expected to be permanent, in which case it is charged to the profit and loss account. Depreciation is not provided in respect of freehold investment properties or of leasehold investment properties where the unexpired term of the lease is more than 20 years.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2025 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st April 2025

and 31st March 2026

526,117

DEPRECIATION

At 1st April 2025

374,881

Charge for year

54,995

At 31st March 2026

429,876

NET BOOK VALUE

At 31st March 2026

96,241

At 31st March 2025

151,236

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2025

16,500,000

Disposals

(200,000

)

Revaluations

200,000

At 31st March 2026

16,500,000

NET BOOK VALUE

At 31st March 2026

16,500,000

At 31st March 2025

16,500,000

Fair value at 31st March 2026 is represented by:

£

Valuation in 2021

3,297,416

Valuation in 2022

5,000,000

Valuation in 2023

310,859

Valuation in 2024

500,000

Valuation in 2026

200,000

Cost

7,191,725

16,500,000

If investment properties had not been revalued they would have been included at the following historical cost:

2026

2025

£

Cost

7,191,725

7,258,141

6.

STOCKS

2026

2025

£

Freehold reversions for resale

129,292

138,077

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade debtors

217,198

275,934

Doubtful debt provision

(13,952

)

(20,160

)

Amounts owed by group undertakings

-

4,000

Rent deposit bond

145,852

Prepayments and accrued income

12,649

11,513

361,747

417,139

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Bank loans and overdrafts

15,000

Trade creditors

34,830

10,946

Amounts owed to group undertakings

33,032

94,768

Corporation tax

183,640

112,388

VAT

18,787

33,625

Tenant deposits

170,887

207,149

Accruals and deferred income

131,108

389,590

587,284

863,466

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2026

2025

£

Bank loans

1,425,000

1,440,000

Amounts owed to group undertakings

500,000

1,925,000

1,940,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

Bank loans

1,440,000

1,455,000

The bank loan facility is secured by:

a) a fixed charge dated 17 March 2022 over three of the company's investment properties;

b) a joint and several personal guarantee of £150,000 from Ms A L Neill & Ms S L Neill;

c) a cross guarantee from the parent company, Gratedean Limited, of £1,500,000 and;

d) a postponement of an inter-company loan of £500,000 from Gratedean Limited.

11.

RESERVES

Fair

value

reserve

£

At 1st April 2025

7,585,050

Fair value adjustment

17,436

At 31st March 2026

7,602,486

12.	ULTIMATE CONTROLLING PARTY

The Directors consider the controlling party to be the Trustees of the P J Neill Children's Settlement Trust, the majority shareholder of Gratedean Limited.

The Trustees of this are Messrs. S C Mariner and P I Gurney.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PJN Properties Limited for the year ended 31st March 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PJN Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PJN Properties Limited and state those matters that we have agreed to state to the Board of Directors of PJN Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PJN Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PJN Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PJN Properties Limited. You consider that PJN Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PJN Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HW Bedford Limited

Trading as Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

21st July 2026